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One-fifth of mortgages wouldn't meet QM standard

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Mortgage Professional America | 24 Oct 2013, 05:00 AM Agree 0
More than 20% of mortgage mortgages originated today wouldn’t meet the “Qualified Mortgage” threshold, according to a leading risk management firm
  • Bruce | | 24 Oct 2013, 07:08 AM Agree 0
    I wonder if we, and the customer, would have been better off without all the government involvement. When the mortgage mess started it seem as though the market started correcting itself. If it wasn't for an election year when the mess started we may not have had so many polititions involved. Just my 2 cents.
  • Brian | | 24 Oct 2013, 08:22 AM Agree 0
    When it wrote the Rules, CFPB used the current rate enviroment as the Base Rate. You will often hear them excluding items included into the interest rate, like the consumer isn't paying for that, but as interest rates rise the SRP Credits will diminish from the 5% average to below2%. Since LLPA are included in the 3% if paid directly by the borrower the non bank community will have issues. Compile this with diminished banks originating mortgages and the consumer is going to be places at a disadvantage
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